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Legal Developments in South Korea

• New Proposed Tax Law Amendments Provide Clarification on the Taxation of Foreign Funds

  On July 30, 2018, the Korean Ministry of Economy and Finance (“MOEF ”) announced the proposed tax law changes/amendments for 2019 and beyond (“Proposals ”). The Proposals are expected to be reviewed and finalized by the Korean National Assembly in December 2018.
  - Lee & Ko

• KFTC to Expand Scope and Penalties of Korea’s Antitrust Enforcement Regime

  Korea’s competition authority, the Korea Fair Trade Commission (the “KFTC , has announced a proposal to expand its existing enforcement authority to the courts and prosecutors through a full-scale reform of the Monopoly Regulation and Fair Trade  Act, Korea’s primary competition statute. If all proposed reforms are passed by the National Assembly as currently drafted, the impact on the Korean economy and antitrust enforcement will require companies doing business in Korea to tighten their risk management and compliance measures, as the scope and penalties of Korean antitrust enforcement would be broadened.
  - Lee & Ko

• Korean data law amendments pose new constraints for cross-border online services and data flows

  Under amendments to IT Networks Act, set to take effect in March 2019 , offshore online businesses, meeting thresholds of nexus to Korea, will be required to designate local agent for regulatory oversight purposes.
  - Bae, Kim & Lee LLC

• New Legislation Reduces Maximum Weekly Working Hours in Korea

  *For better understanding of this article with other graphics , we highly recommend you to visit our firm's website as below. http://www.bkl.co.kr/upload/data/20180410/bkl-legalupdate-2018000410.html#.WsxBYIhuaHs
  - Bae, Kim & Lee LLC

• Supreme Court Renders Decision Calling for “Gender Sensitivity” in Sexual Harassment Cases

  Amid the widespread attention that sexual harassment/violence in the workplace has received due to international movements such as the “Me Too” movement, the Supreme Court of Korea has recently rendered a significant decision on the need to reform the judicial system’s approach to sexual harassment cases.
  - Bae, Kim & Lee LLC

• [South Korea] Amendment to Unfair Competition Law

  A bill to amend the Unfair Competition Prevention and Trade Secret Protection Act (the “UCPA”) was promulgated on April 17, 2018, and is scheduled to take effect on July 18, 2018.   The bill introduces significant amendments to the UCPA, namely stipulating store interior designs as business marks and making the unauthorized use of “ideas” an act of unfair competition, thereby substantially expanding the applicability of Subparagraph 1 (j) of Article 2 (“fraudulent use of another person’s product”) of the current (or pre-amendment) UCPA.
  - Bae, Kim & Lee LLC

• [South Korea] Location information law amended to ease requirement for tracking of objects

  Under changes to Location Information Act, to take effect in October 2018, businesses will be allowed to track goods after obtaining registration instead of license.
  - Bae, Kim & Lee LLC

• [South Korea] Amendments to Korean telecom license framework taking shape

  Legislators have put forward an advanced draft of amendments to the Telecommunications Business Act, Korea’s main telecom statute.
  - Bae, Kim & Lee LLC

• [SOUTH KOREA] Potential Regulatory Compliance Systems to Enhance the Safe Control of Chemical ...

  Potential Regulatory Compliance Systems to Enhance the Safe Control of Chemical Substances
  - Kim & Chang

• [SOUTH KOREA] KFTC Announces Plan to Eliminate Technology Misappropriation

  On September 8, 2017, to promote joint growth of enterprises of all sizes and their collaborative efforts, the Korean Fair Trade Commission (“KFTC”) and the ruling Democratic Party of Korea held a consultation conference to step up efforts to eliminate unfair demands of technical information and/or misappropriation of technology by large conglomerates against small and medium-sized enterprises.
  - Kim & Chang